H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, continued her series of high-level bilateral meetings with representatives from key international financial institutions, development partners, and global investment banks during her participation in the 2024 Annual Meetings of the World Bank Group and the International Monetary Fund in Washington, D.C., held from October 21 to 26.
These meetings focused on furthering Egypt’s strategic priorities in economic development, financial inclusion, climate action, and the promotion of sustainable growth, with a strong emphasis on engaging the private sector and deepening international partnerships.
Strengthening Partnership with the International Islamic Trade Finance Corporation (ITFC)
In a key bilateral meeting, H.E. Dr. Rania Al-Mashat met with Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), to discuss the renewal of Egypt’s partnership program with the ITFC.
This long standing partnership has been instrumental in supporting Egypt’s foreign trade and ensuring the provision of critical strategic goods over the years. Dr. Al-Mashat expressed her appreciation for the ITFC’s continued commitment to Egypt, highlighting how this cooperation has bolstered the country’s trade capabilities, improved its supply chains, and supported its economic resilience amidst global challenges.
The meeting emphasized the importance of renewing the ITFC-Egypt partnership to address new global and regional challenges, especially in light of Egypt’s current economic reform program. The Minister highlighted Egypt’s priority to expand the scope of cooperation beyond trade, to encompass additional infrastructure sectors such as renewable energy, green hydrogen, and other emerging industries crucial for Egypt’s future growth and sustainability. The discussions also explored avenues to further integrate Egypt’s private sector into these partnerships, with Dr. Al-Mashat stressing the role of private investment in driving economic diversification and long-term stability.
Eng. Hani Salem Sonbol, for his part, reiterated the ITFC’s dedication to strengthening its partnership with Egypt, acknowledging the country’s significant role within the Islamic Development Bank Group and its contributions to regional trade and investment. The CEO emphasized that the ITFC is eager to explore new opportunities for collaboration with Egypt, particularly in sectors that align with Egypt’s Vision 2030 development strategy, including renewable energy, food security, and infrastructure.
Expanding Cooperation with the Climate Investment Funds (CIF)
In another significant meeting, H.E. Dr. Rania Al-Mashat met with Ms. Tariye Gbadegesin, CEO of the Climate Investment Funds (CIF), to discuss ongoing cooperation in support of Egypt’s green transition and efforts to build a more climate-resilient economy. The meeting built on the solid foundation of cooperation established between Egypt and CIF before COP27, with particular focus on the Nature, People, and Climate Initiative (NPC), which has been pivotal in financing Egypt’s ambitious NWFE program.
The Minister underscored the success of the NWFE program as a flagship initiative for climate action, integrating sustainable development goals with economic reforms aimed at reducing carbon emissions and promoting the growth of green industries. She highlighted the strategic importance of Egypt’s ongoing partnership with CIF, particularly in helping the country achieve its climate targets under the Paris Agreement and in accelerating the transition to renewable energy.
The discussions also covered CIF’s plans to launch new programs focused on decarbonizing high-emission industries such as steel, cement, and chemicals. These sectors are critical to Egypt’s industrial base, and the collaboration aims to support their transition to more sustainable, low-carbon practices. Al-Mashat emphasized the need for additional technical and financial support to scale up Egypt’s green transition, especially in the areas of energy efficiency, renewable energy, and waste management.
The meeting concluded with plans for a CIF mission to visit Egypt in November to further assess the progress of joint initiatives and explore new avenues for cooperation in the green industrial space. This visit will focus on identifying additional projects that could benefit from CIF’s support, with a particular emphasis on climate financing and emissions reduction strategies.
World Bank Group: Inclusion in the 2026 Business-Ready Report
During the Annual Meetings, H.E. Dr. Rania Al-Mashat also held talks with Mr. Indermit Gill, Chief Economist of the World Bank Group on a number of joint cooperation files, including progress of Egypt’s Foreign Direct Investment (FDI) Strategy, which has been developed in collaboration with the General Authority for Investment and Free Zones (GAFI) and other national entities. This strategy is aligned with Egypt’s broader efforts to attract higher levels of foreign investment, create jobs, and spur economic growth.
The Minister reiterated Egypt’s commitment to enhancing its investment climate by implementing a comprehensive package of structural reforms aimed at improving competitiveness, and ensuring greater participation of the private sector in key economic activities. The meeting also discussed Egypt’s inclusion in the 2026 Business-Ready Report, a new initiative by the World Bank that will replace the former Doing Business report. Egypt’s participation in this report underscores the country’s progress in fostering a more business-friendly environment, with the report set to assess a wide range of economic indicators that reflect the ease of doing business, investment potential, and regulatory reforms.
Meeting with CitiGroup: Supporting Egypt’s Economic Transformation
Rounding off a series of high-level meetings, Al-Mashat met with Mr. Jay Collins, Vice Chairman of Citi Group’s Banking, Capital Markets, and Advisory Group. This meeting followed up on previous discussions held at the Ministry of Planning and Economic Development in September 2024, where both sides explored areas of collaboration to support Egypt’s development agenda.
They discussed enhancing joint cooperation to support the state’s development efforts and work to achieve comprehensive and sustainable economic development, and the government’s priorities in the current period. They also discussed opportunities to support economic and structural reform efforts, and contribute to the measures being implemented to encourage foreign direct investment, attract private investment, and expand innovative financing mechanisms.
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